The New Zealand Dollar continues to push downward against its US counterpart, touching the lowest level in six months. Near-term support is at 0.8350, the 38.2%Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.8300. Alternatively, a turn above the 0.8401-13 area marked by the 23.6% Fib and the June 4 low opens the door for a test of the 14.6% expansion at 0.8451.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.